SEC proposes relaxation of Sarbox for foreign firms
The Securities and Exchange Commission (SEC) of the US has proposed a relaxation of the Sarbanes-Oxley rules, allowing foreign companies listing on US exchanges an extra year to comply with the regulations.
Under the proposals, small and medium companies in the US and overseas firms will obtain a year's exemption from Section 404 of the Sarbanes-Oxley Act, which requires companies to establish stringent internal controls and for these processes to be checked by auditors.
Christopher Cox, chairman of the SEC, said: “By offering further relief for smaller companies and most foreign issuers, today's
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